19 December 2012
ASSESSEE HAS SOLD THE FOLLOWING ASSETS: IN F.Y 2010-11 GOLD RS400000/- IN F.Y. 2011-12 PLOT RS.700000/- LONG TERM CAPITAL GAIN ON SALE OF GOLD IS RS.200000/- LONG TERM CAPITAL GAIN ON SALE OF PLOT RS.400000/- AMOUNT PAID FOR PURCHASE OF SINGLE FLAT TO DEVELOPER OF SOCIETY: IN F.Y.2010-11 RS.500000/- IN F.Y. 2011-12 RS. 700000/- HOW WOULD AN ASSESSEE CLAIM EXEMPTION FOR A.Y.2011-12 & 2012-13 UNDER CAPITAL GAIN HEAD
19 December 2012
In both the AYs, in the Schedule CG of Capital Gains under the subhead B Long Term capital Gains the assessee may fill up the required details in Item No 3. Deduction U/s 54F can be claimed in Item No 3(d). .
19 December 2012
Under section 54F the entire sale consideration should be invested in purchase of 1 house property within one yr before or 2 yr after the date of such transfer. In FY 10-11, as you have invested the entire sale consideration for payment of installment, hence capital gain of 200000 will be exempt in that year ie 10-11. Same will apply in fy 11-12 and hence capital gain of 400000 will be exempt in fy 11-12.
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